舜宇光学科技(2382.HK)镜头业务高景气CCM毛利率下半年有望回升
机构：国泰君安
公司发布2019年半年报，营收155.7亿元，同比增长30%，净利润14.3亿元，同比增长21.3%，镜头业务量价齐升带动业绩增长。
摘要：
投资建议：全球手机市场依旧低迷，2019H1全球智能手机出货6.46亿台，同比下滑4.5%。在此情况下，公司能获得了较高的业绩增长，显示光学赛道的成长性以及公司出色的竞争力。下半年随着良率提升及产线自动化改造完成，CCM业务毛利率有望提升，高端镜头项目毛利率仍存在提升空间，维持“增持”评级。
手机镜头高景气贡献利润增长：2019H1公司手机镜头出货量同比增长37.8%（全年出货量增速指引由25%-30%提升至30%），主要受益于三摄渗透率提升以及公司市占率的提升。营收37.7亿元，同比增长42.1%，显示镜头业务ASP的提升。光学依旧为手机创新的重点，各大手机厂商持续对手机摄像头功能进行升级。随着高端新项目的良率提升，手机镜头毛利率仍有提升空间。
CCM业务毛利率下半年有望回升：2019H1镜头模组营收116.8亿元，同比增长27.1%，手机摄像头模组出货量同比增长20.7%，显示ASP提升。毛利率由去年同期的9.4%下降至5.9%，原因为：1）产线尚处于优化和进一步提高自动化的过程中；2）2019H1公司获得多款高规格手机摄像头模组订单，良率在进一步提高过程中。随着下半年良率和自动化改造完成，CCM毛利率有望回升。
车载镜头业务持续稳健增长：车载镜头出货量同比增长24.8%，继续保持全球第一的领先地位。自主研发的ADAS用200万像素及以上镜头进入批量供应阶段，完成ADAS用800万像素前视车载镜头模组的研发，已经开始送样。同时公司在车载激光雷达元器件技术上取得突破，实现光学零部件的小批量交付，HUD关键部件和智能大灯获得突破；消费者安全意识的提高以及ADAS技术的不断成熟，车载摄像头的需求持续强劲，预计全年出货量增速为25%。
风险提示：客户出货量下滑，行业竞争加剧，汇率波动
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